Japan-listed SBI Holdings Inc has acquired a 35 per cent stake in ICCP Venture Partners Inc (IVPI), the venture capital arm of Philippine-based financial services and property development firm the ICCP Group.
Detailed amounts of purchased shares were not disclosed.
SBI director and CEO Yoshitaka Kitao announced ICCP Ventures has become an “equity method associate of the company” and an agreement was signed for SBI to become a co-fund manager.
“The collaboration between IVP and the SBI Group based on this agreement is expected to bring increased attractive funding opportunities to venture companies in Asian countries and the US, utilizing both ICCP Group’s and the SBI Group’s global business network,” Kitao said in a statement.
SBI Group as a financial services firm is engaged in securities, banking, and insurance businesses.
IVPI, which has offices in Manila, Hong Kong, and San Francisco, is touted as “the leading Philippine-based practitioner of venture capital-type investing.” Its first two funds are in the top 25 per cent of US venture capital fund returns based on statistics of Cambridge Associates.
IVPI is one of five subsidiaries of medium-sized conglomerate ICCP Group. Its sister companies are boutique investment house Investment & Capital Corp of the Philippines (ICCP), residential projects developer Pueblo de Oro Development Corp, the Science Park of the Philippines Inc, and Singapore-based asset management services Fiducia Asset Management Pte Ltd.
ICCP Group started its venture capital activities in 1997 and has so far invested in 59 venture companies primarily in the fields of software, Cloud, Big Data and mobile, in Asian countries including the Philippines through its offices in Silicon Valley and Manila. Its funds have performed in the top quartile of US venture capital funds as tracked by Cambridge Associates, a US-based investment advisory and research services firm.